Raymond James Equities Analysts Raise Earnings Estimates for Newmont Co. (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James upped their FY2024 earnings estimates for shares of Newmont in a research note issued on Monday, July 8th. Raymond James analyst B. Macarthur now expects that the basic materials company will earn $2.60 per share for the year, up from their prior estimate of $2.58. The consensus estimate for Newmont’s current full-year earnings is $2.48 per share. Raymond James also issued estimates for Newmont’s Q2 2025 earnings at $0.57 EPS, Q3 2025 earnings at $0.59 EPS and FY2025 earnings at $2.29 EPS.

NEM has been the topic of a number of other reports. TD Securities upped their target price on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday, April 26th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $50.00 in a report on Monday, June 17th. Citigroup cut their price objective on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. BMO Capital Markets cut their price objective on shares of Newmont from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Tuesday, May 21st. Finally, National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.07.

Newmont Price Performance

NYSE:NEM opened at $47.17 on Wednesday. The firm has a market cap of $54.39 billion, a price-to-earnings ratio of -17.67, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average is $42.29 and its two-hundred day moving average is $38.30. Newmont has a 12-month low of $29.42 and a 12-month high of $47.21.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm’s revenue was up 50.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 EPS.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. Newmont’s dividend payout ratio is currently -37.45%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of hedge funds have recently made changes to their positions in the company. Meeder Advisory Services Inc. increased its stake in shares of Newmont by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after buying an additional 278 shares during the last quarter. Grey Street Capital LLC increased its stake in shares of Newmont by 0.4% in the fourth quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock worth $2,892,000 after buying an additional 289 shares during the last quarter. Moody National Bank Trust Division increased its stake in shares of Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after buying an additional 296 shares during the last quarter. Reitz Capital Advisors LLC increased its stake in Newmont by 1.1% during the fourth quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock valued at $1,166,000 after purchasing an additional 298 shares during the last quarter. Finally, Berkeley Capital Partners LLC increased its stake in Newmont by 5.6% during the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after purchasing an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.